Econometrics Lecture 1A

Data collected from different individuals, groups, or subjects at a single point in time. It shows a snapshot of the characteristics at that moment.

Variables that take on the value of 1 or 0, indicating the presence or absence of a characteristic. Used to represent categorical data.

Data collected over a period of time, showing how variables change over successive periods. Examples include stock prices or GDP.

A correlation between observations in a time series. Later observations tend to be correlated with earlier ones.

Combining multiple cross-sectional datasets from different points in time. Used to assess changes over time.

The time interval between data points (e.g., daily, monthly, annual).

Long-term patterns or movements in data.

Periodic fluctuations in data.

Repeating patterns or fluctuations that occur at fixed intervals (e.g., monthly, quarterly).

A variable representing a measurable characteristic of a population.

A set of observed values from a population.

Random variable describes population distribution, while sample represents collected observations.

Variables like wages, representing economic aspects of a population.

The entire spread of possible values of a variable.

Actual value of a variable obtained in a specific instance or measurement

The use of statistical methods to analyze economic data, including experimental and non-experimental data.

A sample of individuals, households, firms, or other units at a single point in time.

Data collected over a period of time, typically ordered chronologically.

Combining data from multiple cross-sectional samples taken over time.

Data collected over time from the same units.

Different forms of collected data used in economics, including cross-sectional, time-series, pooled cross-sections, and panel data.

To estimate relationships between variables, test economic theories, forecast variables, and evaluate/implement policy.